Foreign buyers place US$1bn in orders: bureau

The Bureau of Foreign Trade (BOFT) yesterday said more than 467 foreign buyers placed about US$1 billion in orders with local companies during seven major business matchmaking meetings in October.

BOFT Deputy Director-General Chang Chun-fu (張俊福) said the bulk of the orders were placed by foreign buyers from emerging economies, such as the Phillipines, Indonesia, Vietnam, India, Turkey, Russia, Brazil, Mexico and countries in the Middle East.

The ministry’s data showed total foreign trade reached US$1.64 billion in October through these meetings and it totaled US$2.66 billion from May to October.

To help local firms explore business opportunities, the bureau helped 667 companies make 225 business deals with foreign firms in cities where the Taiwan External Trade Development Council (TAITRA, 外貿協會) has not set up an office, Chang said.

In the first 10 months of the year, foreign buyers from these countries helped Taiwan’s exports increase by about 5.2 percent, but exports to the US and the EU declined slightly due to economic uncertainties.

Chang said the bureau would target South American counties and Vietnam next year, forming trade promotion groups with local firms to expand trade.